Garry Monk has resigned from his position as head coach of Leeds United just two days after Italian businessman Andrea Radrizzani completed his takeover of the Championship club.
The 38-year-old was appointed on a rolling one-year contract last summer and guided them to seventh in 2016-17.
Monk was expected to sign a new deal after the buyout of Massimo Cellino.
A statement said: “While we are deeply saddened by Garry’s decision, there is no individual bigger than our club.”
Leeds had spent much of the season in the play-off places, but missed out on a spot in the top six after a run of just one win in their final eight games left them five points adrift.
Monk, who spent 10 years at Swansea as a player before taking over as manager from February 2014 to December 2015, was the sixth full-time head coach appointed by Cellino during the Italian’s controversial reign from June 2014.
The club statement said they had “reluctantly accepted” Monk’s resignation.
It added: “Andrea made it clear to the media yesterday that his intention was to exercise the club’s option to extended the manager’s contract for another 12 months and immediately begin negotiations for a longer term deal.
“Mr Radrizzani has met with Garry twice since taking over at Elland Road earlier this week and during the second meeting yesterday it became clear that Garry was considering life beyond Leeds United as at no time did Garry wish to discuss terms for a longer contract.
“Following that meeting yesterday Garry’s agent requested that the option was not exercised and his resignation was received this morning.
“We thank Garry for his contribution during his time at Leeds United, we are disappointed that would could not continue on this journey together.”